A consumer product magazine recently ran a story concerning the increasing price

Question

A consumer product magazine recently ran a story concerning the increasing prices of digital cameras. The story stated that digital camera prices dipped a couple of years ago, but now are beginning to increase in price because of added features. According to the story, the average price of all digital cameras a couple of years ago was $215.00. A random sample of n = 22 cameras was recently taken and entered into a spreadsheet. It was desired to test to determine if that average price of all digital cameras is now more than $215.00. Find a rejection region appropriate for this test if we are using alpha = 0.05. A) Reject H0 if t > 1.725 B) Reject H0 if t > 1.721 C) Reject H0 if t > 1.717 D) Reject HO if t > 2.080 or t

Explanation / Answer

Option B)

Reject H0 if t >1.721

Critical value of t for 21 degrees of freedom at 5% level of significance is 1.721

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